Year-End Giving Updates
Important CARES TAX Changes in Charitable GivingThe Coronavirus Aid, Relief and Economic Security (CARES) Act temporarily creates something nonprofits have long sought: a “universal charitable deduction,” also known as an “above-the-line” deduction for donations. This means taxpayers can easily claim the deduction on their tax forms without having to go through the extra step of itemizing it.
- Even if you don’t itemize, you can make a $300 “above the line” deduction
- If you do itemize, the limit on how much you can deduct in one year is waived. As such, an individual can wipe out their 2020 tax liability with charitable contributions.
This information is in Section 2104 and 2105 of the CARES Act.
Talk to your tax professional about your situation.
This is the time of year when many people consider making charitable contributions to their favorite charities. If you choose to make an additional 2020 donation to All Saints Church, please note the following:
To properly reflect donations on your 2020 giving record, contributions mailed to All Saints must be postmarked no later than December 31, 2020.
- Gifts made via the parish website using your bank account must be completed by 3:00 pm December 30; gifts made via credit card must be completed by 3:00 pm on December 31.
- The Parish Office will be open from 8:00 am – 4:00 pm on Thursday, December 31 if you wish to drop off your contribution.
- All Saints is able to accept donations of appreciated securities which can be a very tax advantageous way of giving. Please consult with your financial advisor as to the viability of such an option.
- Many employers have matching gift programs whereby your gift may amplified through a gift from your employer. Please consider reviewing whether this is an option.
Questions related to year end giving, especially stock transfers and matching gift administration, can be directed to Loma Ince at firstname.lastname@example.org or via 952.469.6473.
Father Wilson, Father Gifford and parish leadership thank you for your generosity and support of All Saints Parish.